The Great Age of Centralization

the bill doesn’t solve the basic epistemic problem, which is that members of the establishment heard are always the last to know when something unexpected happens.

I ask again, why would anybody think that the regulators who couldn’t see the last bubble will see the next one? Or as Brooks eloquently says:

The premise of the current financial regulatory reform is that the establishment missed the last bubble and, therefore, more power should be vested in the establishment to foresee and prevent the next one.